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Wednesday, 26 May 21
MARKET INSIGHT - INTERMODAL
 Last year crude tankers’ newbuilding contracting activity was devastated by the economic effects of the Covid-19 pandemic and the cloud of uncertainty regarding eco-friendly technology adoption which amplified concerns over the technology and fuelling choices on the newbuilding units. Covid-19 restrictions significantly impacted owners’ appetite for new orders, which coupled with the divided view on the long-term technology implementation caused a severe blow on the shipbuilding industry. At the time of writing, both concerns are still present.
Despite worldwide vaccination, the pandemic remains with lockdown restrictions being imposed around the world. In addition, there is no clear view on which type of fuel will be the next generation one, yet with LNG retrofits gaining a bigger market share week by week. However, today the shipbuilding tanker market activity witness a completely different outlook, with the volume of newbuilding contracts emerging w-o-w being significantly strong and the NB values at levels that we last observed back in 2015. With respect to the latter fact, we could agree that the recent spike in steel prices has supported a large part of newbuilding value increases; nevertheless, with the cost for new investments burdening the owner’s capital, it is evident that the appetite for new vessels is strong.
According to our preliminary data, YTD crude carriers contracting activity in dwt terms is estimated at around 9.6 million which is about +47.7% when compared to the same period last year (6.5 million dwt). The majority of orders that have materialized so far this year referred to VLCC units which account for 71% of the total orders (27 of the total tanker contracting activity of 38 units). If buying interest for crude carrier tonnage continues at the same pace it would not be a surprise to see 2021 contracting activity doubling the previous year volumes (around 15.4 million in dwt terms during 2020). Solely for the purpose of comparison, 2019 total contracting activity is estimated at around 19.6 million dwt with January-May 2019 newbuilding volume at 7.45 million dwt, a time period where the Coronavirus pandemic would stand as a science fiction theory.
As far as the asset values are concerned, average prices for VLCC, Suezmax and Aframax units to be constructed at top tier yards are estimated at $95.0M, $63.M, and $50.5 million respectively. A picture is worth a thousand words and that can be evident if we take a closer look at page 6 Indicative Newbuilding Prices table where a comparison with average values of the past 3 years can easily be made. Average prices of all sectors are hovering well below today’s values. Again, for the sake of clarity, 2021 average VLCC, Suezmax and Aframax newbuilding prices stand at $90.0M, $59.5M, and $49.0 million. It remains to be seen, whether Chinese authorities will manage to curb iron ore prices and subsequently steel values. Such a depreciation on the respective commodities will be reflected on newbuilding values as well; however, if China’s exertion in containing steel prices remains unsuccessful newbuilding prices will appreciate further according to the underlying steel inflationary trend.
By Yiannis Parganas,
Research Analyst
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
Mr.George Panagopoulos
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Wednesday, 20 October 21
CHINA COAL HITS RECORD HIGH AMID TIGHT SUPPLIES - REUTERS
China coal prices hit a record high on Tuesday buoyed by a widening power crunch and cold weather despite Beijing’s efforts to bolster supply ...
Wednesday, 20 October 21
MARKET INSIGHT - INTERMODAL
IMO 2020, Ballast Water Treatment regulations, Green Recycling, GHG emissions, EEXI, CII, ETS, Fit for 55, Carbon price/levy, the Poseidon Principl ...
Tuesday, 19 October 21
SPONGE IRON SECTOR MIGHT REPORT NEGATIVE GROWTH DUE TO COAL CRISIS: SIMA - PTI
The domestic sponge iron industry might report a negative growth in the ongoing December quarter “if the shortage of coal is allowed to conti ...
Tuesday, 19 October 21
COAL INDIA, THE FALL GUY FOR POWER CRISIS - INDIA EXPRESS
The post-Covid economic recovery has led to a major increase in the demand for power, both in India and globally. In India, coal-based power plants ...
Saturday, 16 October 21
SOLAR INSTALLATION SURGE PUTS INDIA ON TRACK TO CAP COAL-FIRED POWER AS EARLY AS 2024 - IEEFA
Recent increase in solar power installations could push coal to peak sooner than expected
If India keeps installing solar capacity a ...
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- The University of Queensland
- Formosa Plastics Group - Taiwan
- Samtan Co., Ltd - South Korea
- San Jose City I Power Corp, Philippines
- Sical Logistics Limited - India
- Aditya Birla Group - India
- Power Finance Corporation Ltd., India
- Borneo Indobara - Indonesia
- Standard Chartered Bank - UAE
- Indika Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Central Electricity Authority - India
- Krishnapatnam Port Company Ltd. - India
- Renaissance Capital - South Africa
- Sinarmas Energy and Mining - Indonesia
- Planning Commission, India
- Alfred C Toepfer International GmbH - Germany
- Kohat Cement Company Ltd. - Pakistan
- CNBM International Corporation - China
- Electricity Generating Authority of Thailand
- Central Java Power - Indonesia
- European Bulk Services B.V. - Netherlands
- Ambuja Cements Ltd - India
- Ministry of Finance - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Deloitte Consulting - India
- Therma Luzon, Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Sakthi Sugars Limited - India
- Pendopo Energi Batubara - Indonesia
- PTC India Limited - India
- Anglo American - United Kingdom
- Price Waterhouse Coopers - Russia
- Mercator Lines Limited - India
- Sindya Power Generating Company Private Ltd
- Jaiprakash Power Ventures ltd
- Bahari Cakrawala Sebuku - Indonesia
- Wilmar Investment Holdings
- OPG Power Generation Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Port Waratah Coal Services - Australia
- Sarangani Energy Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Salva Resources Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Bhushan Steel Limited - India
- Attock Cement Pakistan Limited
- Indo Tambangraya Megah - Indonesia
- Siam City Cement - Thailand
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhoruka Overseas - Indonesia
- Aboitiz Power Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- GAC Shipping (India) Pvt Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Africa Commodities Group - South Africa
- Energy Link Ltd, New Zealand
- Indonesian Coal Mining Association
- Indian Energy Exchange, India
- Singapore Mercantile Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Straits Asia Resources Limited - Singapore
- Xindia Steels Limited - India
- Heidelberg Cement - Germany
- VISA Power Limited - India
- Metalloyd Limited - United Kingdom
- ASAPP Information Group - India
- Riau Bara Harum - Indonesia
- PowerSource Philippines DevCo
- Cement Manufacturers Association - India
- IHS Mccloskey Coal Group - USA
- Bukit Makmur.PT - Indonesia
- Vizag Seaport Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Meralco Power Generation, Philippines
- Simpson Spence & Young - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Maheswari Brothers Coal Limited - India
- LBH Netherlands Bv - Netherlands
- Tata Chemicals Ltd - India
- Agrawal Coal Company - India
- Petron Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Videocon Industries ltd - India
- Bharathi Cement Corporation - India
- Posco Energy - South Korea
- Bangladesh Power Developement Board
- Ministry of Transport, Egypt
- Petrochimia International Co. Ltd.- Taiwan
- Billiton Holdings Pty Ltd - Australia
- Medco Energi Mining Internasional
- Asmin Koalindo Tuhup - Indonesia
- Altura Mining Limited, Indonesia
- Mercuria Energy - Indonesia
- Star Paper Mills Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Grasim Industreis Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Thiess Contractors Indonesia
- The State Trading Corporation of India Ltd
- Trasteel International SA, Italy
- Jindal Steel & Power Ltd - India
- Eastern Energy - Thailand
- Indian Oil Corporation Limited
- Lanco Infratech Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- International Coal Ventures Pvt Ltd - India
- Edison Trading Spa - Italy
- Parry Sugars Refinery, India
- Binh Thuan Hamico - Vietnam
- Madhucon Powers Ltd - India
- India Bulls Power Limited - India
- GMR Energy Limited - India
- New Zealand Coal & Carbon
- Bukit Baiduri Energy - Indonesia
- Rio Tinto Coal - Australia
- Holcim Trading Pte Ltd - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mjunction Services Limited - India
- Parliament of New Zealand
- Global Business Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Neyveli Lignite Corporation Ltd, - India
- Jorong Barutama Greston.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Mintek Dendrill Indonesia
- Kaltim Prima Coal - Indonesia
- Eastern Coal Council - USA
- White Energy Company Limited
- Banpu Public Company Limited - Thailand
- Chettinad Cement Corporation Ltd - India
- Thai Mozambique Logistica
- McConnell Dowell - Australia
- Kartika Selabumi Mining - Indonesia
- Wood Mackenzie - Singapore
- Indogreen Group - Indonesia
- Energy Development Corp, Philippines
- Bhatia International Limited - India
- Interocean Group of Companies - India
- Global Coal Blending Company Limited - Australia
- Bulk Trading Sa - Switzerland
- London Commodity Brokers - England
- Uttam Galva Steels Limited - India
- Malabar Cements Ltd - India
- Gujarat Sidhee Cement - India
- Manunggal Multi Energi - Indonesia
- Antam Resourcindo - Indonesia
- Makarim & Taira - Indonesia
- Australian Commodity Traders Exchange
- Baramulti Group, Indonesia
- Latin American Coal - Colombia
- SMC Global Power, Philippines
- Goldman Sachs - Singapore
- Sree Jayajothi Cements Limited - India
- South Luzon Thermal Energy Corporation
- SMG Consultants - Indonesia
- Iligan Light & Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Independent Power Producers Association of India
- Georgia Ports Authority, United States
- Kapuas Tunggal Persada - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- The Treasury - Australian Government
- Kobexindo Tractors - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate Of Revenue Intelligence - India
- Electricity Authority, New Zealand
- Merrill Lynch Commodities Europe
- Minerals Council of Australia
- Ministry of Mines - Canada
- Romanian Commodities Exchange
- Essar Steel Hazira Ltd - India
- MS Steel International - UAE
- Coastal Gujarat Power Limited - India
- Marubeni Corporation - India
- Intertek Mineral Services - Indonesia
- Sojitz Corporation - Japan
- Kepco SPC Power Corporation, Philippines
- Commonwealth Bank - Australia
- Chamber of Mines of South Africa
- GVK Power & Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining Corp, Philippines
- Kumho Petrochemical, South Korea
- Dalmia Cement Bharat India
- Directorate General of MIneral and Coal - Indonesia
- ICICI Bank Limited - India
- Semirara Mining and Power Corporation, Philippines
- Australian Coal Association
- Ceylon Electricity Board - Sri Lanka
- Ind-Barath Power Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vedanta Resources Plc - India
- Meenaskhi Energy Private Limited - India
- Carbofer General Trading SA - India
- Oldendorff Carriers - Singapore
- Tamil Nadu electricity Board
- Global Green Power PLC Corporation, Philippines
- Coal and Oil Company - UAE
- Orica Mining Services - Indonesia
- IEA Clean Coal Centre - UK
- PNOC Exploration Corporation - Philippines
- Coalindo Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Larsen & Toubro Limited - India
- Economic Council, Georgia
- Timah Investasi Mineral - Indoneisa
- TeaM Sual Corporation - Philippines
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